Singapore is the ideal place for those who want to enjoy the best of both worlds. Perhaps this is the reason why Singapore is becoming a preferred destination for immigrants from China and other Asians who want their children to have the best education possible but remain rooted and close to their culture.
Here are some of the key points to consider when buying a property in Singapore.
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Cove Sentosa is a virtual hub for immigrants who have turned this community into a closed-off port, their home. Several reports suggest that Singapore has become the third most popular tourist destination for wealthy Chinese.
• Foreigners in Singapore can purchase the landless property without prior government approval. This regulation is the result of the enactment in 2005, which prevents foreigners from buying a property in apartment blocks under six floors or included in the condominium category.
However, you still need to get a permit from the Singapore Land Administration to purchase lands such as bungalows, single-family houses, and vacant lots.
• They are also prohibited from owning HDB businesses, buying HDB houses directly from HDB, reselling HDB-approved HDB homes, and acquiring condos purchased under the 1996 Housing Management Program. People who want to buy something better than HDB apartments, but cannot afford to buy private property.
• Residents or PR have the right to buy HDB apartments directly from HDB, provided they form a nuclear family with Singapore citizens. PR’s can also buy HDB apartments on the resale market. Provided that at least one resident is registered as a Singaporean or PR citizen.